| October 18, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
One of the biggest things I don't like about tariffs is that they corrupt a very important market input, price. No matter the party in power or the country imposing the tariffs, it skews the free market and the price of goods or commodities. That gives incredible influence over our markets to government officials who may be using the threat of tariffs as a cudgel to fight for some endgame they desire. That creates uncertainty about price, and markets hate uncertainty, especially about something so foundational.
Bloomberg reports that gold surpassed $2,700 an ounce for the first time, driven by investor concerns over escalating conflict in the Middle East following Israel's killing of Hamas leader Yahya Sinwar and uncertainty around the upcoming U.S. election. The geopolitical tensions and market volatility are prompting a flight to safe-haven assets like gold. Gold reached $2,714.10 per ounce, continuing its record-breaking trend, while a weakening U.S. dollar has made bullion more attractive. Despite strong U.S. economic data, such as increased retail sales and lower jobless claims, gold's price continues to rise due to central bank buying and expectations of Federal Reserve rate cuts. Traders at the London Bullion Market Association's annual meeting forecast further gains, with gold potentially reaching $2,917 by October 2025.
Bloomberg also reports that US high-grade credit spreads have fallen to their lowest level since 2005, with the average risk premium on investment-grade bonds narrowing to 0.79 percentage points over Treasuries. Investors are attracted to these bonds due to relatively high yields and lower default risk, even as the Federal Reserve begins cutting rates.
An Alabama man, Eric Council Jr., was arrested for his role in the January 2024 hack of the SEC's social media account on X (formerly Twitter), the Department of Justice said in a press release. Council, along with others, allegedly conducted a SIM swap to take control of the SEC's account, falsely announcing the approval of bitcoin ETFs, causing bitcoin's price to briefly spike by $1,000 and then fall by $2,000. The SEC quickly regained control and clarified the announcement as unauthorized. Council faces charges of conspiracy to commit aggravated identity theft and access device fraud, with a possible sentence of up to five years. The FBI and SEC are investigating the case.
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: IG looks to harness US derivatives demand after UK push, UK Basel adoption aligned with 'spirit' of global standard - PRA chief, Bitcoin market GFO-X nears testing ahead of early 2025 launch, CME launches Australian carbon credit futures with first trades, Cboe to launch S&P 500 constituent volatility index next month and ANALYSIS: CME continues FX derivatives growth before latest launch.
The roof of the trailer part of my mobile home in Florida now has a FEMA-provided blue tarp over part of it where the outer layer blew off during hurricane Milton. I am exploring a new roof solution - a rubber membrane that will not blow off during a hurricane to replace the current outer layer. In the meantime, I am back to working on new flooring in the back screened-in porch and laying laminate in the living room. I am learning lots of new skills along the way.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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In our ESG section we have the story, Vinod Khosla Says 'Fusion Will Be Real' Within the Next Five Years. As a bit of a nerd about this stuff I have to say that is very unlikely. As noted in the article, we have already achieved a fusion reaction which produced more power than it took to start. However, that is a long way from a practical solution. It has been said since the 1970s that fusion is always 20 years away and that is still the case. Progress has been made but even if practical fusion poofed into existence tomorrow it would take a lot longer than five years for a power plant to be built. The fusion reactor ITER (International Thermonuclear Experimental Reactor) was kicked off in late 2007 and they hope to have their first fusion in the late 2030s (looking to be 2039). So "five years" seems weirdly optimistic - but maybe he knows something I do not. ~JB
Our most read stories from our previous edition of JLN Options were:
- Foreigners Step Up Options Trading on Volatile Korean Stocks from Bloomberg.
- EXECUTION MATTERS: Options Trading in Focus from Traders Magazine.
- Robinhood to Give Traders Access to Futures, Index Options from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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China ETFs Join Cathie Wood's as Biggest Wealth Destroyers in US; KWEB's assets are almost $5 billion less than net inflows; Long-term track record underscores risks in Chinese stocks
Ye Xie and Isabelle Lee - Bloomberg
A word of warning for traders who've been pouring billions into Chinese-stock ETFs like never before: The strategy is not only prone to big reversals, it has also lost a cohort of ill-timed investors a fortune over the past decade and counting. While these exchange-traded funds have rallied at times, creating short-term trading opportunities, their performance over the long haul has made them some of the biggest wealth destroyers among US ETFs. Over the past decade in fact, Chinese ETFs rank alongside the flagship fund of Cathie Wood - the onetime star money manager whose stock bets have floundered since the pandemic - in producing the biggest erosion of asset value for US ETF investors, according to data compiled by Bloomberg.
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****** I wonder if Cathie Wood will use this in her promotional material?~JJL
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EU markets need to commit to catch up with US on T+1; Adoption of new settlement cycle has led to greater efficiency, increased liquidity and enhanced risk mitigation
Eric Pan - Financial Times
In May, the US and Canada moved from settling securities transactions two days after a trade to one. This shift to "T+1" was a resounding success. The EU should follow suit. T+1 means greater efficiency, increased liquidity and enhanced risk mitigation. As policymakers focus on strengthening capital markets, adopting T+1 has become critical for all major financial centres.
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****** Meanwhile the crypto crowd is saying, "You are still behind us."~JJL
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In Sports, American Socialism Is Beating European Capitalism; The more egalitarian, redistributive club competitions that exist in the U.S. are starting to be copied across the Atlantic
Jon Sindreu - The Wall Street Journal
Fleeing from communist to capitalist countries was common practice during the Cold War. In today's sports, socialism might become the more popular choice-it is just good business. Earlier this month, the top European Union court ruled in favor of former French soccer midfielder Lassana Diarra in arguing that some of the sport's transfer rules break EU law. This is a landmark judgment and comes only months after the court gave wings to a breakaway SuperLeague, a U.S.-style closed tournament that was proposed by 12 of the Continent's top clubs in 2021. Though the end result remains uncertain, it might be yet another factor bringing Europe closer to the American way of doing sports. The irony here, given the U.S.'s self-proclaimed ethos of economic laissez-faire, is that its elite competitions, such as the National Football League and the National Basketball Association, have strong mechanisms to rebalance the stakes in favor of the worst performers. In Europe, the cradle of the welfare state, clubs have been mostly unconstrained.
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****** There is so much irony among the billionaires that own U.S. sports teams and the form of competition they use in sports versus their other businesses.~JJL
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London Stock Exchange Group sacks US employee over 'racist' altercation
Chris Price - The Telegraph
London Stock Exchange Group has sacked a US member of staff over a "concerning video" that allegedly shows him following a black man and asking him if he lives in the neighbourhood. The company, which operates the UK's flagship stock market, said it had fired the employee following an investigation into a video that featured the staff member. The video is believed to be a clip on TikTok of a black man in Sarasota, Florida, being followed by a group of white men - including a man alleged to be the LSEG staff member - and asked several times if he lived in the neighbourhood.
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***** I did not know I had LSEG employees living here in Sarasota.~JJL
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Thursday's Top Three
Our most clicked item Thursday was the FIA's notice for Double Trouble (or More): Effectively Navigating Parallel Investigations, a webinar scheduled for October 31 at 11:00 a.m. ET. Second was the FIA notice for another webinar, Commodities Enforcement Trends and Developments, set to take place on November 7 at 11:00 a.m. ET. Third was the "Insights" page from FOW.
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| Lead Stories | Cboe CEO Says Firm Still Has Appetite for Deal at 'Right Price'; Tomczyk also says he's 'not in a rush' to name a successor; Derivatives and exchange network grew through M&A over years
Katherine Doherty - Bloomberg
Cboe Global Markets Inc. Chief Executive Officer Fred Tomczyk said the firm still has appetite to do deals if the right opportunity emerges. "We just haven't found the right target at the right price," Tomczyk said in an interview with Bloomberg TV on Thursday. "We don't want to do an acquisition that doesn't make a difference." Tomczyk, 69, took the helm just over a year ago after previous leader Ed Tilly resigned following an investigation that determined he didn't disclose personal relationships with colleagues. Chicago-based Cboe - a derivatives and exchange network that operates worldwide - had grown through acquisitions over the years but slowed down its M&A activity under Tomczyk's leadership.
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Jane Street Turns to Debt Market for $4.4 Billion to Fuel Growth; Bond sale of $1.15 billion will fund new trading capital; Firm is also looking to reprice $3.2 billion term loan
Will Kubzansky, Gowri Gurumurthy, and Jeannine Amodeo - Bloomberg
Jane Street Group LLC sold a $1.15 billion junk bond on Thursday and is repricing a $3.212 billion loan, raising additional capital for trading as the firm pushes further into fixed-income. The company borrowed $150 million more from the junk-bond market than originally planned, marking its second note sale this year, after a $1.4 billion issue in April. The latest bonds mature in eight years and Jane Street can't buy them back for three years, according to a person familiar with the matter. The yield is 6.125%, down from price talk of around 6.25%, the person added, declining to be identified discussing private details.
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Why European bank mergers are back on the table; Rising rates have boosted profits and policymakers want banks that can compete with US rivals. But many obstacles remain
Owen Walker - Financial Times
Europe's last major cross-border bank merger, cooked up in 2007 by the continent's banking elite during clandestine meetings in Geneva's grand Four Seasons Hotel des Bergues, did not end well. But 17 years after Dutch lender ABN Amro was carved up in a three-way transaction that contributed directly to four multibillion-euro bailouts during the financial crisis, European bank executives are contemplating mergers once again.
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U.S. Election Betting: Federal Court 'Erred' in Letting Kalshi Launch Prediction Markets, CFTC Says; The regulator filed its opening brief in its appeals case to tamp down on political event contracts.
Nikhilesh De - CoinDesk
A federal judge "erred" in letting prediction market purveyor Kalshi list and trade election contracts, attorneys for the U.S. Commodity Futures Trading Commission argued in a brief to an appellate court Wednesday, reiterating many of the arguments it made before the lower court. The district court judge overseeing Kalshi's suit against the CFTC ignored the definitions of terms under the Commodity Exchange Act and "without basis" barred the agency from examining "'transactions' that involve gaming," the filing said.
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Hong Kong Pledges to Shrink IPO Vetting to About 100 Days; A-share listed firms enjoy even faster track in the new regime; Hong Kong IPOs are striving for a come-back after downturn
Kiuyan Wong - Bloomberg
Hong Kong pledged to vet and debut companies in about 100 days in a bid to guarantee a set time frame for initial public offering applicants. For companies fully meeting listing requirements, the stock exchange and regulator will limit the question-and-answers in two rounds to no more than 40 business days, according to a joint statement by Hong Kong Exchanges & Clearing Ltd. and the Securities and Futures Commission. Another 60 business days are anticipated to be needed by applicants and sponsoring banks to address any comments by regulators. Currently, the median time of getting approved is 173 business days.
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Korea Considers Dropping Human Oversight for Algorithm-Based Won Trade
Sam Kim - Bloomberg
South Korea is considering scrapping regulations that require the presence of humans for algorithm-based trading of its currency. Financial institutions in South Korea are required to have a dealer supervise the so-called eFX trading platform to trade the won, even when they are running trades based on algorithms. If implemented, the change would help increase trading via computer algorithms during nighttime when there are usually no staff present, You Chang-yeon, director of international finance at the finance ministry, said on Friday.
/jlne.ws/48f1Jcn
CDS clearing rates hit 71% high around September iTraxx roll; CFTC data shows tilt away from bilateral settlement mainly in Europe-referencing instruments
Lorenzo Migliorato - Risk.net
The US clearing rate for credit default swaps jumped to a record 71% in the third week of September, coinciding with the roll date for several of Markit's CDS indexes. Derivatives notional of $4.14 trillion was being funnelled through a central counterparty as of September 20, up 31.5% from the previous week. Over the same period, non-cleared notional slid 12.3% to $1.69 trillion.
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PBOC Starts Share Buyback, Equity Swap Tools to Aid Markets; Chinese stocks climb on the news, including brokerage shares; Pan says property, capital markets are among key challenges
Bloomberg News
China's central bank kicked off a specialized re-lending facility to help listed companies and major shareholders buy back shares, boosting market optimism over Beijing's support and sending stocks higher. The previously announced program offers 300 billion yuan ($42.1 billion) in low-cost loans to 21 eligible commercial banks that lend to qualified companies and shareholders, according to a statement from the People's Bank of China on Friday.
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The $14 Billion Question Dividing OpenAI and Microsoft; The two companies have hired investment banks to help negotiate how much equity Microsoft gets when OpenAI becomes a for-profit company to: Justin Sullivan/Getty Images
Berber Jin and Corrie Driebusch - The Wall Street Journal
OpenAI and Microsoft MSFT are facing off in a high-stakes negotiation over an unprecedented question: How should a nearly $14 billion investment in a nonprofit translate to equity in a for-profit company? The startup behind ChatGPT is transitioning from a nonprofit organization to a for-profit corporation after it recently closed a funding round valuing it at $157 billion. Determining how to distribute equity when it becomes a for-profit is one of the biggest challenges it faces.
/jlne.ws/3Y9m4LS
OpenAI, Bain Expand AI Partnership to Sell ChatGPT to Businesses; The AI company said it has one million business customers paying for ChatGPT, including Bain's 13,000 consultants
Belle Lin - The Wall Street Journal
OpenAI and Bain & Co. are expanding their pact to sell OpenAI's tools, including ChatGPT, to clients of the Boston-based consulting firm. The two companies first announced a selling partnership in 2023, when they began introducing OpenAI technology to businesses. In August 2024, Bain's 13,000 consultants received licenses for ChatGPT Enterprise, the version of the chatbot targeted at large companies.
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Fireside Friday with... FINBOURNE Technology's Tom McHugh; The TRADE catches up with Tom McHugh, chief executive at FINBOURNE Technology, to discuss key pain points linked to manual data reconciliation, how new data technologies are helping to reduce risk and the drivers behind the push for real-time data sharing.
Wesley Bray - The Trade
What are the key issues associated with manual data reconciliation processes?
Historically, the technology and processes to support manual data reconciliations have been very much geared towards addressing challenges around sharing the data, looking at the data and then using very linear technologies over the top. But a series of trades doesn't simply add up to a position. It's a very simple statement, but an important one.
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Op risk data: Macquarie mauled by securities mismarks; Also: Danske's costliest branch, tedious times for TD, and WhatsApp won't stop. Data by ORX News
ORX News - Risk.net
September's largest loss hit Macquarie Investment Management Business Trust, which settled for $79.8 million with the US Securities and Exchange Commission. The firm was charged with overvaluing securities and executing cross-trades that benefited some of its clients over others. MIMBT used price marks that a vendor provided for institutional lots to overvalue small 'odd lot' positions. It then cross-traded the positions using inflated prices to meet investors' redemption requests at the
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia will stop war if Nato invites Ukraine to join, says Zelenskyy; Ukrainian president tells FT diplomatic route needed to bring Putin to negotiating table
Henry Foy - Financial Times
Volodymyr Zelenskyy has said a formal invitation to join Nato is "the only way" Ukraine can survive Russia's invasion, as the Ukrainian president urged western allies to endorse his plan to end the war. Zelenskyy said Ukraine joining the US-led military alliance - the first of five steps in his "victory plan" - was essential in bringing Russian President Vladimir Putin to the negotiating table.
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Russia Uses North Korea Missiles With Western Parts, Report Says; Components found in missile shot down over central Ukraine; Parts were manufactured by US, UK, Swiss, Dutch companies
Daryna Krasnolutska - Bloomberg
Ukrainian researchers say they've discovered components produced by western companies in North Korean missiles Russia used to attack the country, highlighting the need to enforce export controls. Microcontrollers, semiconductors and other elements produced by at least nine manufacturers were found in a North Korean KN-23/24 missile, the Independent Anti-Corruption Commission or NAKO said in its report released Thursday. The missile was shot down on Sept. 7 over Ukraine's central Poltava Region, said the non-governmental organization.
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Ukraine Has Resisted Russia in One Key Town for Months. Its Hold Is Starting to Break.; The loss of Chasiv Yar would provide a route for Russia to the rest of the Donetsk region
Alistair MacDonald and Ievgeniia Sivorka - The Wall Street Journal
Looking at a map, a Ukrainian infantry captain zeroed in on a quarter-mile-wide strip of land that has become one of the most dangerous places on the front line. "This is the Achilles' heel of Russian tactics," said Rostyslav Kasyanenko, pointing to a no-man's-land of scorched earth and flattened buildings that stands between Moscow's forces and the strategic town of Chasiv Yar. For six months, Kasyanenko's company and other units have stopped Russian troops from advancing into the buffer zone to reach the town that offers a route to the rest of the Donetsk region.
/jlne.ws/3Uibe4T
Ukraine to Get More Artillery Ammunition From Czech-Led Alliance
Krystof Chamonikolas - Bloomberg
Ukraine will next year receive more heavy ammunition from an initiative organized by the Czech Republic, which called on allies to provide further funding. Prime Minister Petr Fiala reached an agreement with his Danish and Dutch counterparts during a meeting in Brussels on Thursday to extend the ammunition supplies, according to a statement on the premier's X website.
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Investing in Ukraine's homegrown defence industry could help the west; A creative approach to supporting the country would look at its military start-up scene
Gillian Tett - Financial Times
This week, western allies are pledging fresh support for Ukraine. On Wednesday, US President Joe Biden announced another $425mn in military aid, rushed through before the election in November. Separately, Australia announced it would send 49 of its old Abrams tanks. And with Volodymyr Zelenskyy, Ukrainian president, now touting a multi-part "victory plan" at an EU summit, more donations of equipment may materialise soon.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US Pushes for Truce in Gaza After Israel Kills Hamas Leader; Biden says 'time to move on'; Israel vows to keep fighting; Hezbollah to intensify attacks on Israel after Sinwar killing
Dana Khraiche and Abeer Abu Omar - Bloomberg
The US said it would begin a renewed push for a cease-fire in Gaza after Israel killed Yahya Sinwar, the leader of Hamas who ordered the Oct. 7 attacks, in an effort to end the yearlong war that's devastated the Palestinian territory. President Joe Biden said he's sending Secretary of State Antony Blinken to Israel as part of efforts to end the conflict. "Now is the time to move on," Biden told reporters after landing in Berlin, Germany. "Move on, move toward a cease-fire in Gaza."
/jlne.ws/48aLYmY
Netanyahu promises more war, dashing peace hopes after Hamas leader killed
James Mackenzie, Nidal Al-Mughrabi and Samia Nakhoul - Reuters
Prime Minister Benjamin Netanyahu's promises to press on with Israel's wars in Gaza and Lebanon dashed hopes on Friday that the killing of Hamas leader Yahya Sinwar might help end more than a year of escalating conflict in the Middle East. Lebanese militant group Hezbollah meanwhile vowed to escalate fighting against Israel and its backer Iran said "the spirit of resistance" would be strengthened by the death of its Palestinian ally Sinwar in Gaza.
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Hamas confirms death of Yahya Sinwar
Malaika Kanaaneh Tapper - Financial Times
Hamas has confirmed the death of its political chief Yahya Sinwar, one of the architects of the October 7 attack. Khalil al-Hayya, an official from the group that runs Gaza, said in a televised statement broadcast by Al Jazeera on Friday: "He clashed with and confronted the Israeli military until his last moments." Sinwar was the commander of the Al-Aqsa Flood Battle, Hayya added.
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Harvard donations drop sharply in wake of criticism over Israel protests; Donors and alumni cut gifts to west's wealthiest university by 14% to below $1bn with endowment fund taking brunt of hit
Brooke Masters and Sun Yu - Financial Times
Donations to Harvard University fell 14 per cent in the fiscal year ending June 30, as large donors cut ties and prominent alumni in the financial industry criticised its administration over a botched response to protests around the Israel-Palestinian conflict. Overall gifts to the western world's wealthiest university dropped to $896mn from $1.05bn a year ago, as outrage over campus protests led to the resignation of president Claudine Gay.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CMU OmniClear Limited and SIX Sign MOU to Unlock Further Cross-border Investment Opportunities
BME-X
CMU OmniClear Limited (CMU OmniClear), a wholly-owned subsidiary of the Hong Kong Monetary Authority (HKMA) and SIX signed a Memorandum of Understanding (MOU) today (18 October) for cooperation in securities depository and settlement to foster the growth of cross-border investment. Based on the MOU, the two parties will collaborate in a joint international securities settlement and safekeeping, develop a closer working relationship, and maintain channels for the exchange of information.
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CME Group Announces First Trades of CBL Australian Carbon Credit Unit (ACCU) Futures
CME Group
CME Group, the world's leading derivatives marketplace, today announced its new CBL Australian Carbon Credit Unit (ACCU) futures have launched and are available for trading. A total of five contracts traded as a block between Freepoint Commodities and Mercuria on October 14, 2024.
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Performance Bond Requirements: Energy - Effective October 18, 2024
CME Group
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€STR Futures - strong liquidity and margin efficiency in one place
Eurex
The €STR Futures continue to gain momentum; rising open interest and average daily volumes are clear indicators of growing market adoption. With these trends, Eurex customers benefit from deeper liquidity pools and more robust hedging options. Beyond trading volumes and open interest, cross (product margining is crucial in enhancing efficiencies. By offsetting positions across Euro-denominated fixed income short-and long-term exchange-traded (ETD) and OTC derivatives at Eurex, market participants can reduce their margin requirements, reducing business funding costs.
/jlne.ws/406FraL
LuxSE becomes first European exchange to list a Yulan bond
LuxSE
The EUR 100 million Yulan bond issued by Orient Securities Company Limited was listed on the Luxembourg Stock Exchange on 16 October, making the exchange the first in Europe to list and admit this asset class to trading. This week, the Luxembourg Stock Exchange (LuxSE), Orient Securities Company Limited (DFZQ), Shanghai Clearing House (SHCH) and Euroclear Bank announced the successful listing of DFZQ's EUR 100 million Yulan bond on LuxSE's Euro MTF.
/jlne.ws/4dW17ts
MCX releases "Commodity Insights Yearbook 2024"
MCX
The Multi Commodity Exchange of India Ltd. (MCX), India's leading Exchange in
the Commodity Derivatives Market segment, released the Commodity Insights Yearbook 2024. This annual publication, published jointly with IIM Bangalore, is aimed at raising awareness and deepening knowledge of the commodity derivatives market among stakeholders. The Yearbook, an initiative of MCX Investor Protection Fund, was released by Shri G.P. Garg, Executive Director, SEBI, at an event organized by MCX to mark the World Investor Week 2024.
/jlne.ws/3Ud6DAW
SGX RegCo reprimands former directors of Sunrise Shares Holdings Ltd., Wong Siu Fai, Zheng Aimin, Tang An and Wang Ziquan, and former Chief Executive Officer, Liang Yongdong
SGX
1.Pursuant to Catalist Rule 305(3)(c)(ii), Singapore Exchange Regulation ("SGX RegCo") exercises its direct enforcement powers and reprimands the former directors and former Chief Executive Officer of Sunrise Shares Holdings Ltd. (the "Company", and together with its subsidiaries, the "Group"):
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nasdaq Turns to AI to Improve Bank and Insurance Risk Assessment
PYMNTS
Nasdaq has introduced technology to calculate investment portfolio risk using machine learning. The new functionality, announced Thursday (Oct. 17), will be woven into Nasdaq's Calypso platform, used by banks, insurers and other financial institutions to do things like access capital markets, manage risk and adhere to regulatory reporting obligations. "Nasdaq's machine learning technology is combined with a sophisticated form of mathematical modeling that can significantly improve the efficiency of conducting the most complex trading and regulatory risk calculations," the organization said in a news release.
/jlne.ws/409B3aX
The next big AI trade could be nuclear power: Morning Brief
Julie Hyman - Yahoo Finance
Nuclear power is poised for a renaissance in the US, prompted by Big Tech's seemingly insatiable need for electricity to power AI-generating data centers. Three recent headlines have thrown this into focus: Microsoft signed an agreement with Constellation Energy to restart a reactor at Three Mile Island. Google partnered with Kairos to buy power from small modular nuclear reactors, known as SMRs. And Amazon is leading a $500 million funding round for another SMR company, X-Energy. The nuclear energy industry has largely stagnated in the US. While the country has 94 nuclear reactors, according to the Energy Information Administration, their collective generating capacity has remained at around 20% of total electricity since the late 1980s. When the Vogtle plant in Georgia opened its third and fourth reactors earlier this year, they were the first new units in seven years. One main reason for the slow pace is the stringent safety and design standards imposed by regulators.
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| Cybersecurity | | Top stories for cybersecurity | Headhunter Said to Use Fake Identities to Dupe Wall Street Traders; People familiar with Odin Partners claim the recruiter asked staff to make false job offers to tempt traders into providing salary and profit and loss data - allegations the company denies.
William Shaw - Bloomberg
Traders at some of the world's biggest banks have allegedly been misled by cold callers dangling the prospect of jobs at the likes of Goldman Sachs Group Inc. and Morgan Stanley in exchange for details about their salaries, the make-up of their teams and even their desk's confidential profit and loss statements. But often the jobs don't exist. Neither does the named caller. Even their supposed employer - firms like Omertion Group or AMO Search - aren't real.
/jlne.ws/3BNVTmt
Tech firms remove social media accounts of a Russian drone factory after an AP investigation
Emma Burrows - Associated Press
Google, Meta and TikTok have removed social media accounts belonging to an industrial plant in Russia's Tatarstan region aimed at recruiting young foreign women to make drones for Moscow's war in Ukraine. Posts on YouTube, Facebook, Instagram and TikTok were taken down following an investigation by The Associated Press published Oct. 10 that detailed working conditions in the drone factory in the Alabuga Special Economic Zone, which is under U.S. and British sanctions.
/jlne.ws/3zRkOoA
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| Cryptocurrencies | | Top stories for cryptocurrencies | FBI arrests Alabama man for SEC X hack that spiked price of bitcoin
Dan Mangan - CNBC
FBI agents on Thursday arrested a 25-year-old Alabama man for his alleged role in the Jan. 9 hack of the Securities and Exchange Commission's X account, which sent the price of bitcoin spiking by more than $1,000, the Department of Justice announced. The man, Eric Council Jr., was ordered held without bail after was appeared later Thursday in U.S. District Court in Huntsville, Alabama, on charges of conspiracy to commit aggravated identity theft and access device fraud, according to the court clerk's office. Prosecutors allege that the Athens resident executed a so-called SIM swap attack to reassign the cellphone number of a person whose number was linked to the SEC's X account to a subscriber identity module on a phone controlled by Council.
/jlne.ws/3Yat9M3
Wash Trading Remains 'Widespread' in DeFi, Kaiko Says; An analysis by Kaiko shows wash trading behavior across DeFi; Several centralized exchanges appear to have wash trading, too
Olga Kharif - Bloomberg
Last week's roundup of crypto promoters and traders following an elaborate sting operation by federal prosecutors served as a reminder that fake trades used to inflate prices continue to be lingering issue in the digital asset world. The wash trading strategy used to boost the FBI-created token NexFundAI remains a common practice on decentralized-finance exchanges (dexes), and can be encountered on certain centralized exchanges as well, according to researcher Kaiko.
/jlne.ws/3YiLarM
Crypto has designs on real estate; Buying blockchain-listed 'slices' of properties is a nascent, niche and troubled market. Can it find its feet beyond the crypto crowd?
Nikou Asgari - Financial Times
Retired banker Rick Phillips likes investing in property. But instead of putting down a deposit for a place he has seen, or investing money into funds listed on the stock market, the cryptocurrency enthusiast chooses to buy digital tokens that represent ownership of physical properties. The Los Angeleno is one of a small number of investors testing the waters in property tokenisation, a nascent way to invest in rental real estate that gives would-be buyers the ability to hold a digital sliver of a bricks-and-mortar building. So far, Phillips has invested $20,000 across several properties.
/jlne.ws/4dQtjhA
The Crypto-Crackdown: A sign of more regulation to come? In the UK, one key regulatory move was made on 10 January 2020
Keith Oliver, Charlotte Tregunna and Amalia Neenan FitzGerald - International Adviser
Since the mining of the bitcoin Genesis Block on 3 January 2009, cryptocurrencies have provided a wealth of innovative fiscal opportunities for tech savvy consumers across the globe. However, as with most shiny new things, bad actors have simultaneously worked to exploit these products for illicit purposes. In the early days of the digital assets' movement, crypto-criminals appeared to be rampant in their abuses. Regulation and legislation in the crypto-arena was markedly on the back-foot. 15 years later and cryptocurrencies are no longer a niche tool of the cypherpunk community. Instead, bitcoin and a large cohort of her sister currencies have essentially gone 'mainstream', in part thanks to the concerted efforts made in crypto-regulation.
/jlne.ws/3UeiOh8
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| Politics | | An overview of politics as it relates to the financial markets | Sam Altman's Energy 'New Deal' Is Good for AI. What About Americans? OpenAI's founder is asking Washington to spend hundreds of billions of dollars on new power plants. Society needs to see the benefit, too.
Dave Lee - Bloomberg
Sam Altman is hungry for power. Fresh off wrapping up a $6.6 billion funding round and consolidating his grip on OpenAI's leadership as other co-founders depart, the chief executive officer has hit on a strategy to cement his company's leadership over what he calls the most important technology the world has ever seen. At a White House meeting in September, Altman and other representatives from the biggest names in artificial intelligence were assembled around the table to make their plea: We need more energy-fast. After the meeting, he followed up with a 15-page proposal containing more information on what specifically he thought the government should do. It called for construction of several 5 gigawatt power plants in various states across the US, each at a cost of around $100 billion, to be used by his own startup and other companies at the forefront of AI. The document was titled "Infrastructure Is Destiny."
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Yes, CEOs are moving left, but 'woke capitalism' is not the whole story; The corporate world has taken a progressive turn, while polarisation is also on the rise
John Burn-Murdoch - Financial Times
Corporate historians will look back on the past 10 years as the decade in which ROI and P&Ls were overtaken by ESG and DEI. The pace of the shift in corporate culture and communications - from predominantly conservative and understated to increasingly progressive and activist - has been stunning. In a rare case of bipartisan unity in these polarised times, business leaders on both the left and right agree that firms have moved leftward.
/jlne.ws/3UdLGWw
Harris Should Challenge Trump on Trade and Tariffs Democrats have ceded too much ground to protectionism. It's bad economics - and bad politics.
The Editorial Board - Bloomberg
Vice President Kamala Harris has criticized former President Donald Trump's plan to put a 20% tariff on all imports as a "national sales tax." That's a poor way to characterize the idea, but she was certainly right to attack it. Such tariffs would raise prices, provoke retaliation, hobble the economy and impose especially heavy costs on the lower-paid, who'd be least able to bear them. Between now and the election, Harris should confront this issue more forcefully - a tactical challenge, to be sure, but worth the risk. A clearer renunciation of Trumpist thinking on trade is overdue.
/jlne.ws/3Nwy84Q
Dalio Warns of Risk That US Election Result Will Be Disputed; If Trump loses, even chance results will be contested: Dalio
David Ramli - Bloomberg
Investor Ray Dalio expressed his concerns about the orderly transition of power in the US and whether election results will be accepted by both parties. When asked about the chances of results being contested, he said: "If it's a close Trump loss, I would say it's almost an even probability," referring to Republican Party candidate Donald Trump. If "Trump wins, it's a different story. So I would say, if you put the two together, maybe a one in three," he said during a panel at the FutureChina Global Forum in Singapore on Friday.
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The path to 270: why Trump, Harris and the world are watching Omaha; Winning the White House depends on winning the US electoral college - and Nebraska could be critical
Oliver Roeder, Jana Tauschinski and Lauren Fedor - Financial Times
In some possible futures, the small Midwest city of Omaha, Nebraska, will be the world's most important place next month: the crucial vote that hands the White House to Donald Trump or Kamala Harris. Omaha is the largest city in a Republican state, and makes up the bulk of its second congressional district. But Nebraska, unlike nearly every other state, does not pick its delegates to the US's unique electoral college - the body that actually elects the president - based only on the state's overall vote.
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UK inheritance tax raid would be 'painful' but not fatal for Aim, says LSE executive; Investors are nervous about potential abolition of business relief in this month's Budget
Michael O'Dwyer - Financial Times
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Russia Is Throwing Resources at Sabotage Efforts, Moldova Says; Gherasimov cites disinformation, disruption campaign; Sunday's referendum to join EU will determine Moldova's future
Lina Grau - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | Hedge Fund Regal Indicted in South Korea Short-Selling Sweep; Regal has denied the allegations and considering its rights; Credit Suisse, HSBC, Segantii, Jane Street have faced probes
Harry Brumpton - Bloomberg
South Korean authorities have indicted one of Australia's largest hedge funds for short selling, indicating Seoul has expanded its crackdown on such trading across the financial industry. Regal Funds Management Pty Ltd said it was indicted, along with a former employee, for an alleged violation of securities trading regulation in 2019. The charges follow a market-wide review of short selling by the Korean Financial Services Commission, it said in a statement on Friday. A spokesman for Seoul Southern District Prosecutors Office declined to comment.
/jlne.ws/3BT8QeM
UK regulator sets out plans for earlier banker bonuses; Prudential Regulation Authority chief says 8-year deferral period, introduced after financial crisis, could be cut to 5 years
Martin Arnold - Financial Times
Senior bankers in the UK will be able to receive bonuses three years earlier under plans outlined by a Bank of England regulator as part of moves to adjust post-financial crisis rules in order to support economic growth. Sam Woods, chief executive of the Prudential Regulation Authority, said on Thursday that the UK had become "something of an outlier" in requiring top bankers to defer part of their bonuses for up to eight years.
/jlne.ws/3Y9X6Mc
UK plans to place 'buy now, pay later' lenders under FCA rules; New regulation would allow finance watchdog to apply tests on affordability
Akila Quinio - Financial Times
The UK government has launched a highly anticipated consultation to bring "buy now, pay later" lenders under the scrutiny of the Financial Conduct Authority and the Consumer Credit Act. The new regulation would allow the finance watchdog to apply rules on affordability, meaning that BNPL providers including Klarna and Clearpay would have to check that shoppers were able to afford repayments before offering a loan.
/jlne.ws/3UdLYNe
SEC Charges New Jersey Resident with Insider Trading in His Company's Securities
SEC
The Securities and Exchange Commission today filed charges against Ruimin Xie, a resident of New Jersey, for insider trading in advance of the April 18, 2023 announcement that BELLUS Health Inc. would be acquired by GSK plc. The SEC's complaint alleges that, between April 9 and 11, 2023, Xie-then the Director of Analytical Development at BELLUS Health-learned that GSK was conducting due diligence of BELLUS Health and helped respond to GSK's due diligence questions. The complaint further alleges that, between April 12 and 17, 2023, Xie purchased 7,051 BELLUS Health shares and 100 short-term, out-of-the-money call options that allowed him to purchase another 1,000 BELLUS Health shares. On April 18, 2023, GSK's acquisition of BELLUS Health was publicly announced and the price of BELLUS Health stock rose by approximately 99%, allegedly generating ill-gotten gains of $59,408.42 for Xie.
/jlne.ws/48cC1oW
ASIC acts to protect small business - Q1 FY25 update
ASIC
ASIC is committed to protecting the interests of small business and acting against directors who fail to properly manage their companies and assist liquidators after a company collapse. ASIC does this by taking administrative and court action for breaches of duties. These actions result in directors being disqualified and convicted, and protect the wider public, employees and other small businesses against the future mismanagement of companies.
/jlne.ws/3A4GpK3
Court rules Harvey Norman and Latitude advertising misled consumers
ASIC
The Federal Court today ruled Latitude Finance Australia and Harvey Norman Holdings Ltd engaged in misleading conduct and made false or misleading representations in relation to a widespread advertising campaign for a 60-month interest free and no deposit payment method. ASIC was concerned the advertisements masked the fact consumers were required to take out a credit card, such as the Latitude GO Mastercard, to purchase goods. The advertisements were published between January 2020 and August 2021.
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Growth: mission possible
FCA
Speech by Nikhil Rathi, FCA Chief Executive, delivered at the City Dinner, Mansion House.
/jlne.ws/3YcAjPT
Improving our understanding of how financial services regulation affects economic growth
David Stallibrass - FCA
There are gaps in our understanding; we are addressing them with the support of the wider research community.
/jlne.ws/3BYE6bX
FCA welcomes buy now pay later consultation
FCA
We welcome the government's consultationLink is external on the regulation of currently-exempt buy now pay later (BNPL) products. We have long called for these products to be brought into our remit. In 2021, the FCA board backed the Woolard Review recommendation that BNPL be brought into regulation. BNPL can provide benefits for consumers by giving them more payment options and support merchants in selling their goods and services. But as with other credit products, there are also risks and the potential for harm.
/jlne.ws/48euGFr
"Managing External Shocks: Asia's Shifting Experience with Capital Flows" - Remarks by Mr Edward Robinson, Deputy Managing Director (Economic Policy) and Chief Economist, Monetary Authority of Singapore, at the 2024 Beijing Financial Street Forum on "Improving Modern Central Bank Systems, Enhancing Macro-Governance" on 18 October 2024
MAS
/jlne.ws/3UiavRd
SFC obtains disqualification order against former chief financial officer of Fujian Nuoqi Co., Ltd.
SFC
The Securities and Futures Commission (SFC) has obtained a disqualification order in the Court of First Instance against Mr Au Yeung Ho Yin, the former chief financial officer (CFO) and executive director of Fujian Nuoqi Co., Ltd. (Nuoqi) for his failure to discharge his duties as a member of the senior management of Nuoqi (Notes 1 to 4). Au Yeung was disqualified from being a director, liquidator, receiver or manager of the property or business of any corporation in Hong Kong or being involved in the management of any corporation in Hong Kong, for a period of three years (Note 5). He was also ordered to pay the SFC's costs in the proceedings.
/jlne.ws/3UdXCI0
SFC suspends Singh Amit Kishan for seven months
SFC
The Securities and Futures Commission (SFC) has suspended Mr Singh Amit Kishan, a former employee of Bank Julius Baer & Co. Ltd. (Julius Baer), for seven months from 16 October 2024 to 15 May 2025 for regulatory breaches (Note 1). The disciplinary action follows an SFC investigation which found that between 17 December 2018 and 11 February 2019, Singh, a private banker of Julius Baer, misrepresented to his then employer that he had a face-to-face meeting with a client on 10 December 2018 in Hong Kong as part of the required account opening procedure.
/jlne.ws/3Yph8DL
Joint Statement on Enhanced Timeframe for New Listing Application Process
SFC
The Securities and Futures Commission (the SFC) and The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), are pleased to jointly announce today (Friday) an enhanced timeframe for the New Listing (Note 1) application process (Enhanced Application Timeframe), to further elevate Hong Kong's attractiveness as the leading international listing venue in the region.
/jlne.ws/4dQhO9N
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Record Discount to US Can't Save Europe Stocks Amid Grim Results; LVMH, ASML and Nestle among biggest firms to disappoint; S&P 500 has climbed three times more than Stoxx 600 in 2024
Julien Ponthus and Michael Msika - Bloomberg
A flurry of profit warnings issued by Europe's biggest companies - in sharp contrast with an upbeat start to the US earnings season - show why the region's equity markets will likely continue to trail Wall Street. Out of 15 MSCI Europe Index companies that have reported this season, almost half have missed profit estimates while only 27% beat them, according to data compiled by Bloomberg Intelligence. Further disappointments include three of Europe's biggest listed firms.
/jlne.ws/4eR7pfs
Metals trader IXM bids to become China's answer to Glencore;l Chief executive Kenny Ives reshapes CMOC-owned firm and expands into lithium trading
Leslie Hook and Tom Wilson - Financial Times
Four years ago Kenny Ives was a contender to be the next chief executive of commodity trader Glencore. Instead, as head of trading house IXM, he now has a different role: building the company into China's answer to his former employer. Chinese-owned IXM, the world's third-largest metals trader, is a key link in a global supply chain that provides China and other regions with materials used in electric vehicle batteries such as cobalt, copper and nickel.
/jlne.ws/4eQlI3K
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The US Election Has Climate Tech Investors in Wait-and-See Mode; Capital has stalled as financers and founders confront the prospect of a second Trump presidency and its impact on carbon-cutting technologies.
Matthew Griffin and Coco Liu - Bloomberg
Clean technology investors and companies are making contingency plans as they wait to see how the US election plays out. Former President Donald Trump and Vice President Kamala Harris couldn't have more different approaches to climate. While Harris hasn't spent much time touting the issue on the campaign trail, she's expected to protect President Joe Biden's accomplishments and follow through on priorities like limiting emissions from power plants. Trump has pledged to rescind unspent funds from the Inflation Reduction Act, the Biden administration's signature climate law with hundreds of billions of dollars in tax credits and incentives for carbon-cutting projects.
/jlne.ws/3YwTtBC
UK Wind Generation Poised for Record as Storm Ashley Approaches
Will Mathis - Bloomberg
UK wind power output is set to hit a fresh record this weekend as Storm Ashley is sweeping in from the Atlantic Ocean. Strong gusts, on Sunday in particular, are set to push generation from wind turbines above 22 gigawatts for the first time, according to a Bloomberg Model. The Met Office has put in place wind warnings from Sunday morning through Monday morning in parts of Scotland, England and Wales.
/jlne.ws/40gvZ4C
Vinod Khosla Says 'Fusion Will Be Real' Within the Next Five Years
Michelle Ma, Shirin Ghaffary, and Akshat Rathi - Bloomberg
A holy grail of clean power generation, nuclear fusion, will be a reality within five years, according to OpenAI backer and tech billionaire Vinod Khosla. A major booster of artificial intelligence who wrote the first venture capital check for Sam Altman's OpenAI, Khosla said fusion will be key to meeting data center energy demand. Generating energy by smashing atoms together has long been a dream for investors and entrepreneurs eager for a source of limitless, clean baseload power. The technology saw a breakthrough in 2022 when scientists were able to get more energy out than energy put in for a fusion reaction.
/jlne.ws/4eNXjfc
EU sticks to 2035 deadline for ban on sale of new petrol-driven cars; Remarks prepared for incoming climate commissioner defend controversial measure
Alice Hancock - Financial Times
Brussels is sticking to its controversial plans for curbs on combustion engines in the EU from 2035, according to internal documents, despite heavy pressure from the car industry to water down the incoming rules. Answers prepared for the bloc's climate chief Wopke Hoekstra for when he faces parliamentary hearings next month and seen by the Financial Times say the EU "cannot and should not roll back" its plan to outlaw the sale of new cars powered by fossil fuels.
/jlne.ws/3Y3I7mQ
Overwhelming majority of young Americans worry about climate crisis; Survey of young people aged 16-25 from all US states shows concerns across political spectrum
Jessica Glenza - The Guardian
The overwhelming majority of young Americans worry about the climate crisis, and more than half say their concerns about the environment will affect where they decide to live and whether to have children, new research finds. The study comes just weeks after back-to-back hurricanes, Helene and Milton, pummeled the south-eastern US. Flooding from Helene caused more than 600 miles of destruction, from Florida's west coast to the mountains of North Carolina, while Milton raked across the Florida peninsula less than two weeks later.
/jlne.ws/3YuahsT
What It Really Means When a 1-in-1,000-Year Rainstorm Hits; Hurricane Helene was one of two 1,000-year storms to hit North Carolina last month, underscoring the need for more clearly understanding the risks of extreme deluges.
Lauren Rosenthal - Bloomberg
Officials called Hurricane Helene's deadly rainfall and floods "biblical" and "generational." But weather forecasters used another term: "once in 1,000 years." Helene was actually the second once-in-a-millennium storm to strike North Carolina in a matter of days. Less than two weeks before Helene made landfall, an unnamed tropical storm brought 1,000-year rains to communities on the opposite side of the state, inundating homes along the coast.
/jlne.ws/4h9e2v2
A Data Center Fight Touches on a Big Question: Who Assumes the Financial Risk for the AI Boom?; As data centers consume more energy and renewable projects face connection delays, natural gas power plants stand to gain.
Dan Gearino - Inside Climate News
/jlne.ws/3Ag6k1o
France to tender for 9.2 GW offshore wind projects in coming months
Reuters
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Total Plans Major Halt at its Biggest European Refinery in 2025; Turnaround at Antwerp is scheduled from September next year; Work is set to include crude capacity and one of two FCCs
Rachel Graham - Bloomberg
/jlne.ws/4eTIvvx
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Nomura Clients Halt Trades With Firm Over Manipulation Case; Funds, insurers halt trading with Japan's biggest brokerage; Nomura admits an employee manipulated bond market in 2021
Nao Sano and Takahiko Hyuga - Bloomberg
Some of Japan's largest financial institutions have halted trading securities with Nomura Holdings Inc. as the fallout from its market manipulation scandal spreads, according to people familiar with the matter. At least 10 firms, which include major life insurers, trust banks and asset management firms, have temporarily suspended some business activities with Nomura because of the breach, the people said, asking not to be identified discussing non-public information. They may resume their equity or bond dealings with Nomura when there are further developments such as when the brokerage details steps to prevent a recurrence, they said.
/jlne.ws/3UecC8S
The prime brokerage pie is growing, which means bigger slices for everyone
Jonathan Watkins - The Trade
The prime brokerage industry is back to its best. After a few turbulent years stemming from market volatility, rising interest rates, geopolitical turmoil, inflation, soaring energy prices, client performance, fee pressures, a mini banking crisis, looming regulation, constant tweaking of risk models, rising client complexities and the notorious Archegos saga... well, things are looking up. Not that the seemingly never-ending list of aforementioned market occurrences had noticeably hindered the prime business. The 'one thing after another' era was a thorn in the side for a segment that is particularly sensitive to market forces impacting its clients' appetites for lending and other prime services. But the headwinds have subsided, and the tailwinds have finally arrived in the form of new fund launches, a rise in allocations and increasing returns for funds, not to mention the continuing emergence of multi-strategy hedge funds.
/jlne.ws/3YpjxhL
Goldman Teams Up With Blackstone to Sell Novel Fund Finance Bond;p Goldman Sachs sells off loans backed by fund commitments; Total deal size was $475 million, wrapped up last week
Immanual John Milton, Scott Carpenter, and Carmen Arroyo - Bloomberg
Goldman Sachs Group Inc. has teamed up with Blackstone Inc. to package private fund loans into bonds, a novel form of debt that banks could look to sell more of in the future. The pair last week sold $475 million in bonds backed by loans that banks make to investment funds, according to a person with knowledge of the matter. These loans exist because private equity and other investment vehicles raise money in the form of commitments from investors to hand over cash when the fund demands it. Loans can help the funds delay asking for liquidity from their investors, which can boost fund return metrics.
/jlne.ws/3Y3HUjy
MUFG blocks vendors that refuse to reveal subcontractors; Risk Live: US arm of Japanese megabank asks first line to sign written waivers when risk advisories are ignored
Menghan Xiao - Risk.net
Risk departments should block vendors that refuse to reveal their subcontractors - and require first-line businesses to sign written acknowledgements if they disregard risk advisories and choose to onboard them anyway - a senior risk manager at MUFG Americas has said. "We do not allow third parties to come on board that will not disclose their subcontractors as part of the due diligence phase with regards to the engagement," said Jeannie Pumphrey, head of third-party and operational risk
/jlne.ws/40aUvo6
US regional banks capitalize on rising deal fees to counter high deposit costs
Niket Nishant and Manya Saini - Reuters
U.S. regional banks' profits outdid Wall Street expectations in the third quarter as their investment banking fees surged from a revival in dealmaking and helped offset higher deposit costs. Underwriting and M&A activity picked up pace, taking advantage of a stock market rally and leaning on a combination of economic resilience and hopes of more cuts in interest rates this year by the Federal Reserve. Advertisement · Scroll to continue "We are at a spot where all the probabilities favor increased dealmaking," said David Russell, global head of market strategy at TradeStation. "(As) rates work their way lower in the next six to twelve months, there's a strong possibility that we're going to see more dealmaking." The results underlined the growing relevance of investment banking to regional players.
/jlne.ws/3NzVdmY
Ex-Freepoint Gas Trader Sizer Starts Energy-Focused Hedge Fund; Freddie Sizer targets gas, power trading start in January 2026; Increasing volatility in energy markets attracts more funds
Priscila Azevedo Rocha - Bloomberg
Freddie Sizer, a former head of European physical gas trading at Freepoint Commodities LLC, has started to raise money for a new hedge fund that will seek to profit from increasing price swings in the region's energy markets. Europe's power and gas markets have become more attractive to hedge funds in recent years because of a surge in volatility since Russia's invasion of Ukraine as well as a stronger impact of global events on the once mainly regional markets. The jump in renewable energy and more extreme weather are also contributing to wider gaps between highs and lows in prices.
/jlne.ws/3NvrNGL
Pension funds warn being forced to invest in UK would be 'huge mistake'; Industry concerned at possibility of having to buy lower-quality assets at unattractive prices
Mary McDougall - Financial Times
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Pension fund use of ETFs surges in Europe; Institutional iShares assets under management have been growing at a compound annual growth rate of nearly 30% in the region, according to BlackRock
Emma Boyde - Financial Times
/jlne.ws/3A5FyZO
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | CEOs Embrace Selfie Videos to Talk Up Earnings and Prove They're Not Robots; LinkedIn posts from CEOs have risen 23% over the past year; Gray says humor shows he's just 'like everybody else'
Matthew Boyle - Bloomberg
The post-earnings C-suite video has become one of the hottest trends in corporate communications. First-time creators wanting to get their own messages out to the masses can look to Blackstone Inc. President and Chief Operating Officer Jonathan Gray. In a series of videos that strike the balance between the folksy and the financial, the 54-year-old billionaire has shared that Luna, his dog, is his secret earnings adviser and why it's good luck not to wear shoes for remote TV interviews.
/jlne.ws/40aEDBR
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Breakthrough Drug to Conquer Addiction: Ozempic?
Maia Szalavitz - The New York Times (opinion)
In late 2016, Steven Klein realized that he'd lost control over his drinking and stimulant use. He became sober that December, with help from 12-step meetings. But he also struggled with overeating, which he views as another addiction. Stress from the pandemic caused him to gain more than 40 pounds during his medical residency. In 2022, he decided to try Mounjaro, part of a new class of medications like Ozempic and Wegovy that are proving effective in treating obesity and diabetes. Dr. Klein realized that the medication was working while eating a roast beef sandwich from Jimmy John's. Ordinarily, he would devour his meal. But this time, "I ate half the sandwich and a couple of the chips, and I was done," he said. "It just felt like my body knew when to stop eating."
/jlne.ws/4hdoiSQ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | New Zealand Escalates Dispute With Canada Over Dairy Exports; Government attempts to force Canada to negotiating table; Minister warns of retaliation if Ottawa keeps flouting CPTPP
Matthew Brockett - Bloomberg
New Zealand is escalating a long-running trade dispute with Canada over access for its dairy exporters to the Canadian market. New Zealand has notified Canada that it has triggered compulsory negotiations under the free-trade agreement both countries are members of, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, Trade Minister Todd McClay said Friday in Wellington. Under the CPTPP's dispute settlement process, negotiations must commence within 15 days of notification, he said.
/jlne.ws/3BQK2DY
Indonesia Controls Nickel Ore Supply to Balance Weak Demand
Eddie Spence and Eko Listiyorini - Bloomberg
Indonesia is managing the amount of nickel ore its miners produce in order to balance supply and demand, a government minister said. "We need to maintain supply and demand balance," Bahlil Lahadalia, minister for energy and mineral resources, said at a media briefing in Jakarta on Friday. "If demand is low and supply is abundant, prices will fall." Nickel smelters in the country responsible for more than half of world production are enduring a shortage of ore due to government licensing issues, driving up the premium that must be paid to secure the raw material. That's forced many to import record quantities from the neighboring Philippines.
/jlne.ws/4891e3H
Barrage of Stock Supply Is Latest Test for Indian Share Market; About $6 billion worth of Indian IPOs are in the pipeline; History suggests caution after mega initial share offerings
Alex Gabriel Simon - Bloomberg
A surge in share supply from initial public offerings and sales to institutions is adding pressure on Indian equities, which are already grappling with weak earnings and selling by overseas investors. Hyundai Motor India Ltd. raised $3.3 billion in the nation's largest IPO on Thursday, and further listings worth $6 billion have been approved by the regulator, according to data from primedatabase.com.
/jlne.ws/4f7OzjU
Taiwan Swaps Near Record Highs on Tighter Liquidity Bets;Central bank focus remains on taming the housing market: IBF; CBC's tightening cycle is not over and done, Robeco says
Betty Hou - Bloomberg
Taiwan's interest-rate swaps are nearing record highs on expectations the island's monetary authority may tighten cash levels in the banking system by once again raising the reserve ratio for banks. Taiwan's one-year interest rate swaps are just five basis points away from an all-time high. Swap rates bounced off a six-month low touched in mid-September, after the central bank unexpectedly raised banks' RRR by 25 basis points, following a similar move in June.
/jlne.ws/4h8Xa7I
Japan's FX Chief Warns on Sudden Moves After Yen Hits 150; Mimura says watching market, flags 'slightly one-sided' moves; Tokyo has spent more than $100 billion propping up yen in 2024
Takashi Umekawa - Bloomberg
Japan's top currency official helped lift the yen a touch on Friday after he warned he was keeping a close eye on market movements following the yen's slide into the 150 range against the dollar overnight. "At the moment we're seeing slightly one-sided, sudden moves in the currency market," said Atsushi Mimura, vice finance minister for international affairs. "We'll keep monitoring the forex market with a high sense of urgency, including any speculative moves."
/jlne.ws/3NzSoSU
How Brazilian Billionaire Molina Cracked the Chicken Market; Owner exited big plays at least three times before BRF bet; Poultry demand, management overhaul drive share recovery
Clarice Couto and Leda Alvim - Bloomberg
/jlne.ws/4eNdQ33
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